Richard Branson bets on Hyperloop One's futuristic technology
Branson joins board and rebrands company Virgin Hyperloop One
British billionaire Richard Branson placed another bet on the future with an investment in Hyperloop One, which is developing super high-speed transportation systems.
Hyperloop One said Branson's Virgin Group would take the company global and rebrand itself as Virgin Hyperloop One in the near future.
Branson has joined the board of Hyperloop One, which will develop pods that will transport passenger and mixed-use cargo at speeds of 402 km per hour (250 miles per hour).
The pod lifts above a track using magnetic levitation and glides at airline speeds for long distances due to low
The company did not disclose the size of the investment.
- Hyperloop technology will revolutionize transportation, but it has to get off the ground first
- Toronto to Montreal in 39 minutes? Futuristic people mover zips to next stage
Hyperloop was originally conceptualized by Elon Musk. In July, Musk said he had received verbal approval to start
building the systems that would link New York and Washington, cutting travel time to about half an hour.
Last month, Hyperloop One raised $85 million US in new funding, bringing the total financing raised to $245 million US since it was founded in 2014.
Hyperloop One's co-founders, executive chairman Shervin Pishevar and president of engineering Josh Giegel, have previously worked at Virgin Galactic.
Virgin Galactic is Branson's space company, which in 2016, was granted an operating license to fly its passenger rocketship with the world's first paying space tourists once final safety tests are completed.
"Virgin Hyperloop One will be all-electric and the team is working on ensuing it is a responsible and sustainable form of transport," Virgin Group said in a statement.
Hyperloop One is also working on projects in the Middle East, Europe, India and Canada, according to the statement.